In this changing environment, due to the increasing population, excessive use of polluting machines and large amount of wastes the environmental concerns are ever increasing. Due to the increasing population in urban areas cities are expected to face a severe resource scarcity in the near future. Therefore, to avoid the resource scarcity and to solve environmental problems there is a necessity of smart approach. The smart sensors promise to solve all the environmental problems and operate resource efficiency by its numerous solutions such as smart energy, smart building, smart transport and others.
Growing market of smart cities, deployment of smart sensors in healthcare sector and increasing environment safety concern are expected to drive the market during the forecast period 2016-2022. However, high development cost of smart sensors is the major factor hindering the market growth.
The Global Smart Sensors Market is growing rapidly over 21% of CAGR and is expected to reach at USD ~60 billion by the end of forecast period 2022.
Some of the major players in Global Smart Sensors Market include Rockwell Automation, ABB Ltd., Emerson Electric Company, NXP Semiconductor N.V., Honeywell International Inc., Eaton Corporation PLC, Renesas Electronics Corporation, Texas Instruments, Yokogawa electric Corporation, and Omron Corporation.
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- Global Smart Sensors Market can be segmented as follows:
- Segmentation by Type: image sensors, motion sensors, position sensors, pressure sensors, temperature sensors, touch sensors and others.
- Segmentation by Technology: CMOS and MEMS among others.
- Segmentation by End-User: automotive, consumer electronics, industrial, infrastructure/construction, medical and others.
Regional Analysis of Smart Sensors Market:
The global Smart Sensors market is estimated to grow at a promising rate in upcoming years. North America is the leading region among Europe, Asia-Pacific and Rest of the world. Asia-Pacific is the fastest growing region which is estimated to show high growth during forecast period. Increasing technology adoption and government initiatives to improve infrastructure is expected to boost the smart sensors market in Asia-Pacific region. However, high installation cost of smart sensors is one of the major reason behind slow growth in Asia-Pacific region.
- The global smart Sensors market is expected to reach USD 60 billion by 2022, growing with approximately 21% of CAGR during forecast period 2016-2022.
- By Type, Smart Image Sensors are dominating the market and has generated USD 5.18 billion in 2016. Whereas, Smart Touch sensor is expected to grow with fastest growing 27.51 % CAGR
- By Technology, CMOS based smart sensors is dominating the market and expected generate USD 40 billion market by 2022 and growing with 25.01% CAGR.
- North America is expected to dominate the market of smart sensors market throughout the forecast period.
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- Sensor manufacturer
- Consumer electronics
- MEMS and CMOS suppliers
- Research institutes
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